Social Security Handbook

A retirement insurance benefit is reduced by 5/9 of
one percent (or 0.0056) for each month of entitlement before FRA;

Wife's and husband's insurance benefits are reduced
by 25/36 of one percent (or 0.0069) for each month of entitlement
before FRA;

Widow(er)'s insurance benefits are reduced for each
month of entitlement between ages 60 and FRA. The amount of the reduction
for each month is derived from dividing 28.5 percent by the number
of possible months of early retirement. A person whose FRA is age
65 could be entitled up to 60 months before FRA. Each month is therefore
28.5 percent divided by 60 (or 0.00475). A person whose FRA is age
66 could be entitled up to 72 months before FRA. Each month is therefore
28.5 percent divided by 72 (or 0.00396). Widow(er)'s insurance benefits
payable before age 60 based on disability are not further reduced
for months before age 60; and

Retirement insurance benefits and spouse's benefits
are reduced by 5/12 of one percent (or 0.0042) for each month of
reduction in excess of 36 months. This applies to individuals whose
full retirement age is after age 65. (See §723.)

No matter what your full retirement age is, you may start receiving
benefits as early as age 62. However, if you start your benefits
early, they are reduced a fraction of a percent for each month before
your full retirement age. This reduction is permanent.

You can start receiving aged reduced widow(er)'s benefits at
age 60. The most your widow(er)'s benefits can be reduced is 28.5%
of the wage earner's PIA. Also, if you start receiving your widow(er)'s
benefits at full retirement age and your deceased spouse received
reduced benefits, your widow(er)'s benefits will always be reduced.

A spouse can choose to retire as early as age 62, but doing
so may result in a benefit as little as 32.5 percent of the worker's
primary insurance amount. A spousal benefit is reduced 25/36 of one
percent for each month before normal retirement age, up to 36 months.
If the number of months exceeds 36, then the benefit is further reduced
5/12 of one percent per month. There is no reduction for the prior
entitlement as a wife or husband.

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